M3TA Recap: February 27 – March 05, 2023
Bitcoin experiences its first price correction in the past 2 months. Read on with M3TA's Recap this week!
Top performers (7D)
Gamium - $GMM: +220%
Price as of time of writing: GMM/USD - $0.00212445
Gamium is a metaverse technology company creating the first interconnected metaverse. With multi-metaverse compatible avatars and assets, Gamium is revolutionizing virtual experiences.
Their collaboration with Meta and Telefonica through the Metaverse Activation Programme has caused a surge in price and generated excitement among investors.
Ternoa - CAPS: +99%
Price as of time of writing: CAPS/USD - $0.051598
Ternoa is a blockchain platform focused on NFTs, enabling users to build on the Web3. It is based on Substrate and aims at revolutionizing long-term data storage, encryption, and transmission. It's designed to integrate with Polkadot and other decentralized storage blockchains as well.
The CAPS token serves as a means of exchange for other services within the Ternoa ecosystem. The platform's goal is to provide users with a secure, reliable, and transparent way to store and share their data, without the need for intermediaries or centralized authorities.
CAPS, has recently been listed on SwissBorg, a European-based exchange, leading to a surge in the token's value.
Truefi - $TRU: +87%
Price as of time of writing: TRU/USD - $0,118498
TrueFi is a blockchain-based lending platform that offers collateral-free loans and uses TUSD stablecoin.
TUSD is used as the primary collateral for loans on the platform, which are secured by overcollateralization to reduce the risk of default. Borrowers on the platform are required to deposit TUSD as collateral to receive loans, and lenders earn interest on their TUSD deposits. Additionally, TUSD is used as a means of payment for fees and incentives on the TrueFi platform.
TUSD's market cap has surged to $1.1B after being issued by Binance.
Recent FUD around BUSD and Paxos - the issuer of BUSD - has led to a shift towards TUSD. This caused $TRU price to soar and gaining popularity.
Rally - $RLY: +87%
Price as of time of writing: RLY/USD - $0,02105695
Rally Network is an on-chain app ecosystem that enables users to create social tokens.
The recent surge in its value is attributed to the disclosure of treasury holdings and future plans via a tweet by the Rally team on March 1.
Despite the shutdown of RallyIO - an Ethereum-based platform for creators to launch social tokens to engage with their e-sports and brand communities - the team remains optimistic about the RLY ecosystem and community.
Liquity - $LQTY: +73%
Price as of time of writing: LQTY/USD - $2.27
Liquity, a decentralized borrowing protocol, recently experienced a surge in price after getting listed on Binance.
Top losers (7D)
Crypto Gladiator League - $CGL: -90%
Price as of time of writing: CGL/USD - $0.01096765
Crypto Gladiator League is a play-to-earn game on the blockchain that recently entered the gamefi NFT market in Hong Kong, resulting in a surge in its price.
However, the price has since returned to its initial level after the hype subsided.
Xmon - $XMON: -79%
Price as of time of writing: XMON/USD - $4,647.14
The 0xmons project is a unique NFT collection featuring pixelated monsters that are generated by machine learning.
However, the project's price has decreased recently, which may be attributed to rumors within the community that the developers have withdrawn the pool from $6M to only $33K.
QANplatform - $QANX: -43%
Price as of time of writing: QANX/USD - $0.01290055
QANplatform is a hybrid Layer 1 blockchain platform designed to be quantum-resistant, enabling developers and enterprises to build secure blockchain applications that are resistant to quantum computing attacks.
The price of QANplatform may have decreased due to a corrective phase following a previous price increase.
Access Protocol - $ACS: -40%
Price as of time of writing: ACS/USD - $0.00508299
Access Protocol offers a unique monetization solution for digital content creators. By integrating the protocol on their website, creators can monetize and provide exclusive content to supporters.
The project's token recently made its debut on major exchanges such as Coinbase, Bybit, and Kucoin. The recent drop in token price could be attributed to early investors selling off their holdings after the launchpad phase.
COCOS BCX - $COCOS : -34.7%
Price as of time of writing: COCOS/USD - $1.57
BCX (COCOS-Blockchain Expedition) is a platform focused on building the next generation of the digital game economy.
However, the platform recently experienced a price correction after a previous surge in value that was fueled by its listing on several exchanges, including BTCEX and Bitrue.
Macro
The Consumer Confidence Index refers to how confident people are about the future of their household financing from spending to saving based on their current situation.
The index has trended down for the second month in a row. The most recent reading was 102.9, which is lower than the 106.0 reading from January.
Another metric that shows the market movement is the Gauge of Factory Employment, which looks at how many people are working in manufacturing factories.
This number went down to 49.1 from 50.6, which means that fewer people are working in factories.
The Prices Paid Index, which goes in line with CPI (Consumer Price Index), reflects the cost of materials, labor, and other inputs that businesses need to produce their goods and services. It is typically expressed as a percentage change from the previous period, and a higher index value indicates that prices have increased.
The index went up to 51.3 from 44.5. This means that it costs more for companies to make things.
10-year Treasury yield went up by 7 basis points to 4.066%.
2-year Treasury yield went up to 4.889%. This is the highest it's been since July 2007.
The narrative of the macro picture this week is as simple as this: Manufacturers are finding ways to cut costs amidst the rising tide of production expenses. This may have led to the decision of laying off laborers, which then resulted in them tightening their belts for fear of a financially unstable future.
Micro
Twitter - March 03, 2023 at 5:20 AM UTC
Last week, Bitcoin experienced a dip, and while the exact reason for it is unknown, there are several possible factors to consider, such as:
The anticipation of Mt. Gox creditors receiving their first Bitcoin settlements for the disastrous crypto exploit in 2014 may have led to a panic sell-off.
The review of Silvergate Capital (a crypto bank)'s exposure to a bankrupt company is raising concerns since their payments network is widely used in the crypto industry, and some exchanges and trading desks have stopped using Silvergate.
Silvergate Capital primarily sources USD deposits from institutional investors such as cryptocurrency exchanges, hedge funds, and venture capital firms.
These institutional investors use Silvergate's banking services to fund their trading and investment activities in the cryptocurrency market. If the bankrupt company mentioned above is one of them, the market could be under a negative influence.
Additionally, Silvergate Capital's payment processing platform, SEN, is used by various cryptocurrency exchanges to facilitate USD transfers between customers and the exchanges.
The crypto industry is facing challenges as US regulators tighten rules and interest rates are expected to rise to combat inflation.
The SEC has tightened its regulations on crypto exchanges and continues to crack down on the industry, warning of severe consequences for any lapses.
Twitter - March 01, 2023 at 8:18 PM GST
Bicasso creates NFT profile pictures from user-uploaded photos.
The beta version has a 10,000 mint cap.
Users can mint their photos as NFTs on Binance's BNB chain.
Binance Feed - March 02, 2023 at 11:45 AM UTC
Chiliz, a blockchain-based sport platform, launches Chiliz Labs, a $50 million incubator for early-stage projects in the sports industry.
The incubator is supported by Jump Crypto.
The program aims to invest in blockchain projects that use Chiliz's technology for sports and entertainment.
News Highlight
CoinTelegraph - March 03, 2023
Uniswap Labs will release a new mobile wallet for swapping on different networks.
Users can check prices and search for tokens across Ethereum, Polygon, Arbitrum, and Optimism.
The wallet is audited by Trail of Bits and uses Apple's Secure Enclave to store seed phrases and private keys.
Users can manually store seed phrases on paper or iCloud.
Apple has not approved the final build of the mobile wallet, but Uniswap Labs is offering early access to Testflight users while waiting for approval.
Decrypt - March 04, 2023
Tether, the most-traded cryptocurrency, went to great lengths to stay connected to traditional banking system and open bank accounts.
WSJ reported that a major Chinese trader used fake sales invoices and contracts to circumvent banking system for Tether.
Tether used problematic third parties with seized assets and connections to terrorist organization.
WSJ revealed that U.S. Justice Department is currently investigating Tether.
ConsenSys Blog - March 03, 2023
ConsenSys will launch its zkEVM rollup on public testnet on March 28th, 2023.
ConsenSys R&D has been researching zkEVM for years, offering exceptional scalability and performance.
The private beta has processed over 490,000 transactions and onboarded dozens of dapps, with positive feedback.
The lattice-based prover provides leading performance in proof generation, resulting in low transaction fees.
EVM equivalence allows easy migration of existing apps with minimal rework.
Out-of-the-box integrations with popular tools like Infura, Truffle, and MetaMask provide ease for developers and users.
Decrypt - March 03, 2023
Ethereum developers are launching the Goerli testnet on or around March 14.
This testnet is a dress rehearsal for the Shanghai upgrade.
If everything goes smoothly, the Shanghai software update will go live mid-April, about a month later.
Twitter - March 01, 2023
Unity is adding support for 13 different blockchain-based software developer kits (SDKs) called Decentralization SDKs. The SDKs include Algorand, Aptos, Dapper Labs’ Flow blockchain, Immutable X, MetaMask, Solana, and Tezos.
With Unity's decentralization storefront in the Asset Store, developers can use blockchain technologies like NFTs and the metaverse to enhance gameplay.
By leveraging the Decentralization SDK, game developers can create more immersive and interactive experiences such as in-game marketplaces, item trading, and rewards systems.
Unity is a cross-platform game engine and development platform used to create interactive 2D and 3D content for a variety of platforms, including mobile devices, computers, and consoles. It provides tools and resources for game designers, artists, and developers to create and publish games and interactive experiences.
The platform is used by game developers and companies of all sizes, from indie developers to large studios, to create a wide range of games, from simple mobile games to complex 3D experiences.
Additionally, Unity has expanded into other industries, such as architecture, automotive, film, and metaverse, Web3, digital assets.
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